Jersey

In August 2022, we issued Consultation No.8 2022, Insurance Business Fees, which sought views on proposals to change fee rates. The Consultation explained that, whilst our costs remain tightly controlled to ensure appropriate funding is raised to meet our ongoing needs, the headline fee rates will be subject to a 5% above RPI increase. This is primarily driven by the increase in regulatory requirements. During the consultation period we received one response for feedback and the respondent neither agreed with nor disagreed with the level of the increase. We will now proceed to implement the fee rate changes outlined in the consultation...

The Government of Jersey has published its National Strategy for Combatting Money Laundering, the Financing of Terrorism, and the Financing of Proliferation of Weapons of Mass Destruction. The purpose of the national strategy and action plan is to document Jersey’s position in supporting international efforts in the fight against all forms of financial crime and areas of focus to increase effectiveness. This financial crime strategy sets out the Island’s vision, strategy and action plan for combatting: Money Laundering Financing of Terrorism Proliferation Financing The vision helps shape the strategic priorities, which align with the findings of the national risk assessments. In addition, it has also...

Our Executive Director and Registrar Julian Lamb has been elected by The Corporate Registers Forum (CRF) to their new Executive Committee. This is a great achievement, as the appointment was highly contested with only 5 seats available for 12 candidates up for nomination’s. Along with this recent appointment, Julian is also a board member of several international registry organisations, including: European Business Registry Association (EBRA) – as one of a Board Directors International Association of Commercial Administrators (IACA) – as Chair of the International Relations Section. Source link

A new amendment was made to the Sanctions and Asset-Freezing (Implementation of External Sanctions) (Jersey) Order 2021 allowing automatic implementation of certain future amendments to the UK’s Russia (Sanctions) (EU Exit) Regulations 2019 on 29 September 2022. Sanctions and Asset-Freezing (Amendment – Automatic Implementation of UK Sanctions on Russia) (Jersey) Order 2022 (jerseylaw.je) Effects in Jersey The amended Russia sanctions regime in Jersey means: If the UK amends their Russia Regulations to add a new prohibition or obligation, a breach of which is a criminal offence in the UK, then the existing Jersey offence of breaching implemented sanctions provisions (carrying imprisonment for up to 7 years...

We have launched a follow-on consultation on our work to more closely align Jersey’s anti-money laundering and counter terrorist financing (AML/CFT) regime to International Standards. We are asking for your feedback on our proposals which take forward the work we consulted on in December 2021, and our feedback issued in February 2022. Who does this apply to Our proposals will impact regulated financial services businesses that provide services to “exempt” businesses as well as others including businesses who currently utilise the AML/CFT exemptions which are falling away and Virtual Asset Service Providers. The scope of the proposals are broad-ranging, however, businesses outside of the financial...

On Monday 19 September, we will be closed for Her Majesty Queen Elizabeth II’s State Funeral. The bank holiday will mark the last day of the period of national mourning. The Jersey Resolution Authority will also be closed. Business will open as usual on Tuesday 20 September. Source link

We have published feedback and further consultation on our proposals regarding amendments to the legislation for Arranging in relation to Investment Business. This is a continuation to the investment business regime enhancements, outlined in our update in March 2022, where we explained how the JFSC and Government of Jersey had prioritised and optimised the implementation process for the remaining legislative enhancements. We have worked with the Jersey Funds Association (JFA) and their Legal and Technical Sub-Committee on the proposals. This collaboration has culminated in an agreed final draft, as set out in this Consultation Paper. The deadline for feedback is Friday 21...

It was with real sadness we learned of the passing of her majesty Queen Elizabeth II. As many of us reflect on her selfless service, inspirational leadership and engaging smile, our hearts also reach out to her family. May she rest in peace. Source link

We have commissioned professional local market research company 4insight, to carry out an independent survey to gain your views and experiences of the Jersey Financial Services Commission. The findings from this anonymous survey will help us to better understand the needs of Industry and the wider public, helping us to become a more effective regulator. 4insight are an independent marketing research company, and are members of the research professional bodies MRS, AQR and ESOMAR. They strictly abide by these professional bodies Codes of Conduct to ensure your confidentiality and that the survey is conducted impartially. We would appreciate if you could take...

As a part of our commitment to continuous improvement and harnessing technology, we have made some enhancements to myRegistry. These include: introduction of a Limited Liability Company Register launch of a dual Application Programming Interface (API) a new function called myParties, which will allow high volume users to create a library of regularly used associated parties. New Limited Liability Company Register On 1 September 2022 the Limited Liability Companies (Jersey) Law 2018 (LLC Law) comes into force and three sets of Regulations are also brought in: Limited Liability Companies (General Provisions) (Jersey) Regulations 2022 Limited Liability Companies (Winding Up and Dissolution)...

We are requesting feedback from the insurance sector on a proposal 12.9% increase to the sector’s fee rates. This increase combines: Headline fee rates being subject to an increase of 5% above Retail Prices Index (RPI) to contribute to our financial resilience objectives. The Commission Law contemplates increases to fees in line with RPI, which was recorded as 7.9% in June 2022. However, the cost of regulation continues to rise well in excess of this metric. The change will affect any person applying for, or already holding a permit to undertake insurance business. The rise in fee rates will provide sufficient funding...

We are asking banks for feedback on our draft Banking Codes of Practice that are coming into force on 1 January 2023. Codes for review include: Main body Code Appointment of auditor (AoA Code) Financial statements (FS Code) Prudential reporting (PR Code) Declaration of Compliance (DoC Code). The deadline for submitting feedback is 24 September 2022. These changes follow feedback we received last year in response to the enactment of a Banking Business (Accounts, Auditors and Reports) (Jersey) Order 202-. Consultation on bank financial reporting and audit consultation Feedback on bank financial reporting and audit consultation You can find legislation updates and key events on the banking...